In a process of manufacturing the volume holographic element, a holographic material layer is irradiated with reference light from the side of a second substrate in the oblique direction, and the holographic material layer is vertically irradiated with object light from the side of a first substrate in an interference exposure process. Since a first translucent anti-reflective layer is formed on the first surface of the first substrate, it is difficult that a situation in which the reference light is reflected in the first surface in the oblique direction occurs. In addition, since a second translucent anti-reflective layer is formed on the second surface of the second substrate, it is difficult that a situation in which the object light is reflected in the second surface occurs.